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WL Ross & Co. CEO Wilbur Ross on the validity of unemployment data and the millions filing for disability benefits when their jobless benefits run...
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Joining me now legendary investor Wilbur Ross he's the chairman CEO of W Powell Ross and company one of the world's leading private equity firms -- we're good to have you with us.
Let's give -- Let's turn first in this economy because as we've reported here tonight.
There's great consternation about the -- of unemployment.
The extent to which the government is moving money into.
-- labor force that is frankly.
People buy fewer than at any time since 1983.
How how reliable do you think the government's reporting on employment and unemployment is.
And -- sense of it.
Well I think the more important number would be if they really just kept track of who's unemployed.
-- a job -- at least as good as what the Fella had the year ago because they don't differentiate between someone.
-- was a high paying job and someone who go laid off and now works part time McDonald.
But for that family of this -- of the difference.
Though between the two.
-- the other amazing thing to me is the amount of people on disability.
There is some ten and a half million people now on disability.
At something over 5%.
Of the entire workforce.
Between the ages of -- five and 64.
I I'd like to continue audio writer and I apologize for -- the video but if -- if we've got the audio Romer wanna apologize to you -- our audience for having lost the signal -- briefly.
If I could use you to just repeat -- -- about the ten and a half million people.
Are now -- that.
Just about a 20% increase pre 2008 in those.
On disability.
Your thoughts there are accurate and I -- and I apologize to all firm start pure.
Well the amazing thing -- that ten and a half million people.
Represents over 5%.
Of the entire population.
Between the age of Tony -- I've -- 64.
And of those people 43%.
Are claiming mental illness as part of the disability.
That raises a very interesting question.
If -- that many people with mental illness what are the implications.
For voted.
The order of what are the implications for voting.
And and by the -- I haven't heard anyone other than you until this very multiple -- -- that very idea.
Because it does raise a very serious question doesn't.
It also raises a question about -- the the involvement I want all of that of the medical community.
In making determinations on disability and a set of government guidelines.
That would lead them.
Would provide protocols and criteria for -- -- all.
Focus mental illness is a very hard thing to.
Demonstrated.
In in many ways it's well it could be -- broken arm or something.
And fraud by the medical profession is becoming very huge problem.
I had a good meeting with Jeff that -- the chief financial officer of Florida this morning.
And he was talking about staged accidents and Florida.
And conspiracy between the medical community.
And other people legal community.
And he has said that of these cities in the United States with the four largest amounts of votes fake auto accidents.
New York City is number one Tampa is number two Miami is number three.
Jacksonville is number four -- there's a little tiny towns and I think that's an area you also have to look into and order.
It is conducting a big investigation of.
We will followup from mr.
water -- -- I assure you Robert let me let me get your sense of where we're headed.
-- both for markets and this economy now.
Through the rest of this year.
Well the economy -- been showing some pretty good signs of improvement.
Funny weeks in the road there have been some favorable economic news room and in the last six months.
There have been nine.
Going on.
I think that's had an impact on the market -- of the liquidity.
Second thing has been most people me included.
Are betting that the Greek deficit.
Won't be solved.
But that they also won't.
Go and default in March and I think those -- have been supporting.
The market.
What worries me is what you are talking about a minute ago with gasoline prices.
A dollar and a half at the pump.
More than offsets.
The entire two percentage point drop.
In withholding.
From own employees -- -- so.
That's a big big number and that doesn't even count.
The fact that fuel prices.
Are also going up for obstructing.
-- for airplanes for chemicals for plastics were all kinds of things over I think that a -- the next word.
And.
Woburn it's always great to talk -- and and what you're talking about.
In gasoline prices.
Doesn't even take into account the fact that we have -- Hundred reduced demand.
For all sorts of fuel products in this country from everything from jet fuel -- -- but gasoline.
And -- we're a net exporter.
Which is a good thing of those fuels but it's -- I -- major problem here Wilbur -- we're always delighted talk with you -- out of time and I really appreciate -- -- with the --
